Leases

12 Months Ended

Mar. 31, 2021

In February 2016, the Financial Accounting Standards Board (“FASB”) issued accounting standards update ASU No. 2016-02, Leases. Under the new guidance, we recognized lease liabilities and right-of-use assets for our long-term leases. We adopted the new guidance on April 1, 2019 using the optional transition method, which allows for the prospective application of the standard, and as a result, we did not record an adjustment to retained earnings. In addition, we elected the package of practical expedients, for all of its leases, permitted under the transition guidance within the standard, which allowed us to carry forward our historical lease classification, to not reassess prior conclusions related to initial direct costs and to not reassess whether any expired or existing contracts are or contain leases. We also elected the lessee practical expedient to combine lease and non-lease components for new leases and modified leases. We also made an accounting policy election in accordance with the new standard to apply accounting similar to ASC 840 to short-term leases, which are defined as leases that have a term of 12 months or less.

Our lease liabilities relate primarily to operating leases for our global office infrastructure. These operating leases expire at various dates through fiscal 2031. We did not have any finance leases for either the years ended March 31, 2021 or 2020.

Net lease cost recognized in our Consolidated Statements of Operations is summarized as follows:


	Year Ended March 31,
	2021		2020
Operating lease cost	$	9,048	$	8,795
Short-term lease cost	232		410
Variable lease cost	1,938		2,088
Net lease cost	$	11,218	$	11,293

Disclosures related to periods prior to the adoption of the new lease standard

Rental expense was $11,474 for the year ended March 31, 2019.

Cash flow information


	Year Ended March 31,
	2021		2020
Cash paid for operating lease liabilities	$	10,370	$	9,476
Additions of operating lease assets	$	17,603	$	8,448

As of March 31, 2021, the minimum lease commitment amount for operating leases signed but not yet commenced, was immaterial.

As of March 31, 2021, the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows:


2022	$	7,526
2023	4,816
2024	4,071
2025	3,978
2026	2,143
Thereafter	2,535
Total Minimum Lease Payments	$	25,069
Less: Imputed Interest	(2,181)
Present value of operating lease liabilities	$	22,888
Less: Current Portion of operating lease liabilities	7,469
Long-term operating lease liabilities	$	15,419

The weighted-average discount rate was 4% for operating leases recognized in the Consolidated Balance Sheets for both the years ended March 31, 2021 and 2020. The weighted-average remaining operating lease term was 4.43 years and 3.09 years for the years ended March 31, 2021 and 2020, respectively.